Are you searching for the most effective tips for increasing the value of your Portland Oregon Investment property in 2021? If so, you’ve come to the right place!
At Rent Portland Homes, we specialize in local property management for the Portland Oregon area and over the years we’ve compiled a list of effective things that owners can do to increase the value of their rental properties.
In this post, we will share with you some of those tips and provide you our most effective tips that you should consider using to increase the value of your Portland Oregon Investment Property in 2021.
How To Increase The Value Of Your Portland Oregon Investment Property
Tip #1 – Prioritize Habitation Vs. Cosmetic Repairs First
Even though you may be ready to remove the countertop and replace the cabinets from your Portland Rental Property, the most important thing that you should be focusing on first is prioritizing habitation vs. cosmetic repairs first.
Your primary goal as a landlord is to make sure that your property is habitable because if a tenant can live there safely and comfortably, you’re going to have no problem finding tenants for your property.
To analyze which repairs you should make that the habitability of your rental property, you should inspect the roof, plumbing, doors, windows, heating, and security of your property. If any of these things need to be repaired or replaced, you shouldn’t hesitate to make those habitation repairs first.
After taking care of habitation repairs, you can move on to making those cosmetic repairs to your PDX rental property that you’ve been thinking about.
Tip #2 – Determine Which Repairs Are Going To Offer The Best ROI
Yes, that kitchen countertop may be screaming out to you that it needs a granite countertop but is that going to be something that will increase the value of your property?
When it comes to getting the best ‘bang for your buck’, you should focus on the improvements that are going to get you the best return on your investment.
Kitchen remodels typically bring in about an 81 percent ROI while bathroom remodels come in second.
Always think about the return on investment when choosing which parts of your property to renovate next. Doing this may be difficult for some people but if you stick with your priorities, you will be able to stretch your renovation budget and spend the money where it counts.
Tip #3 – Add Extra Storage To Your Property
It doesn’t matter if you own multifamily or single-family property in Portland Oregon, one of your top goals when renovating your property should also be to add extra storage.
People need storage and most tenants who are living in rental properties don’t have enough space to store their belongings.
Consider adding extra storage space to your property by investing in a storage shed or adding more closet space to your rental.
If adding extra storage space isn’t an option, consider adding more shelves to the cabinets in your rental.
Tip #4 – Open Up The Kitchen
Is your rental property still stuck in the 1970s or 1980s? If so, another effective improvement that you should consider making to your PDX rental property is opening up the kitchen.
You can open up the kitchen to your rental property by removing walls between the kitchen and the living room or dining area.
Doing this will create an open concept floor plan for your home and make people who are working in the kitchen feel like they are part of the action and able to communicate with people in other areas of the home.
Tip #5 – Create An Extra Bedroom
Last of all, another thing that you can do to increase the value of your rental property is to add an extra bedroom to your Portland Rental Property.
Depending on the age and type of rental property that you own, adding an extra bedroom may not be possible but if your rental property is an older single-family home in the Portland area, you may be able to convert the living room or basement into an extra bedroom.
You might also want to consider converting your rentals property’s garage into a bedroom.
Keep in mind that garage conversions don’t always work so it’s best to consult with a local architect first who knows planning regulations before you attempt to move forward with converting your rental property garage into a bedroom.
Let’s say that it’s not possible to add another bedroom to your property, if your rental home has a backyard, you may want to consider adding an Accessory Dwelling Unit.
ADU’s have gained in popularity nationwide in recent years because you can purchase the pre-made building and have it brought in, or you can have an ADU built.
Adding an accessory dwelling unit will help you to increase your rental income by adding more useable square feet to your property.
Contact Rent Portland Homes
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